Your opinions on Online Gambling and Bitcoin - page 4.

OpenOcean

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Activity: 112

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Quote from: Hazir on April 13, 2015, 06:36:17 PM

Quote from: pawel7777 on April 13, 2015, 04:13:13 PM

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. ...

You should seriously reconsider that idea.
Bitcoin gambling market seems to be already saturated and P2P is particularly the hardest one to start. Not to mention that there already are P2P betting sites (bitbet.us, peerbet.org and probably few other).

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

...
Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate?

No. If anything it can be the other way around. If gambling is made illegal with exception of government owned entities, then such gambling operators are in monopoly position and don't really have to care about providing fair odds, transparency etc, and are likely protected from any type of control.

I remember heavy rumors, a few years back, about Lotto results being manipulated in Italy and also in Poland (iirc).

While it is true that we have a lot of services and casinos which let us play online. But I don't think that market is saturated at this point. I think there is plenty of room for new ideas and awesome sites. With good dose of marketing backed by really good service your website will be skyrocketing in no time. I don't trust anybody until I see proofs of bets being fair that means government's casinos are no exception here, and if government will ensure that private casinos will be illegal I would definitely won't support government's casino but instead will be using unblocked online service.

This post is the perfect one for me to launch my next point on. However before I do, I want to earnestly and sincerely thank everyone for the precise, practical, and polite input. It really has been some of the best forum discussion I have ever seen.

I will answer in full detail our product offering once my colleague is informed of the great feedback that you have graciously provided us. We believe our system to be novel. We hope you think so, too. The only reason my colleague does not know about this at the moment is because he lives in a different time zone and is not awake as of yet. The second we agree how much to post, AND of way to reward any parties interested in promoting, we will get back to you with full details.

Honestly guys, it's hard to describe how much we appreciate this. Thank you.

ashour

sr. member

Activity: 490

Merit: 250

Quote from: unamis76 on April 14, 2015, 04:15:53 PM

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

If you're planning on offering a good dice site or something entirely new and different I think you're welcome. But you won't go far yourself without an house edge.

And yes, Bitcoin is a good opportunity for some online gambling, so you'll always have a market there Wink

As for government ownership... Forget about it. I wouldn't spend a dime on a site that's publicly known to be somewhat government controlled.

Decentralised and P2P gambling networks will be the way to go. The bitcoin technology is really useful for online decentralised gambling, none is going to use a government controlled bitcoin gambling site.

unamis76

legendary

Activity: 1512

Merit: 1012

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

If you're planning on offering a good dice site or something entirely new and different I think you're welcome. But you won't go far yourself without an house edge.

And yes, Bitcoin is a good opportunity for some online gambling, so you'll always have a market there Wink

As for government ownership... Forget about it. I wouldn't spend a dime on a site that's publicly known to be somewhat government controlled.

Ron~Popeil

sr. member

Activity: 406

Merit: 250

Quote from: Mehek on April 13, 2015, 11:33:48 PM

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

i will suggest gambline is just a waste of time play it just for fun not for earning..no martangle and any other stratagy will work

True. Gambling is supposed to be fun. The problem gamblers are the ones that actually have an expectation of profit from gambling. They will always find a place to get their fix.

ashour

sr. member

Activity: 490

Merit: 250

Quote from: TippingPoint on April 14, 2015, 10:54:04 AM

Quote from: Mehek on April 13, 2015, 11:33:48 PM

i will suggest gambline is just a waste of time play it just for fun not for earning..no martangle and any other stratagy will work

Playing against other humans (particularly in a low-rake environment) works. A combination of gambling and skill. It rewards patience, observation, logic, emotional stability, discipline, and aggression. Players who already have, or can cultivate those skills, consistently outperform their opponents.

http://www.amazon.com/The-Theory-Poker-Professional-Teaches/dp/1880685000

Yes but there isn't much profit to be earned by human vs human gambling games. Gambling operations with a house edge will always be more profitable and popular. P2P gambling platforms will be the feature of gambling bitcoin.

TippingPoint

legendary

Activity: 905

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Quote from: Mehek on April 13, 2015, 11:33:48 PM

i will suggest gambline is just a waste of time play it just for fun not for earning..no martangle and any other stratagy will work

Playing against other humans (particularly in a low-rake environment) works. A combination of gambling and skill. It rewards patience, observation, logic, emotional stability, discipline, and aggression. Players who already have, or can cultivate those skills, consistently outperform their opponents.

http://www.amazon.com/The-Theory-Poker-Professional-Teaches/dp/1880685000

Rampton

hero member

Activity: 525

Merit: 500

Bitcoin and gambling are a perfect match and go hand in hand in my opinion. Many countries prohibit online gambling so bitcoin is the perfect medium for getting around that. It's also very costly for gambling sites to pay winnings with fees and bitcoin could save them big time on this.

Quote from: hikedoon on April 13, 2015, 06:00:16 PM

Gambling is tax-free in the UK.
A few years ago the UK government got rid of taxes for betting in real life bookies because they couldn't compete with tax-free online gambling sites based in Gibraltar and Jersey. IIRC.
Also,I just lost £20 on the Grand National on Saturday and i didn't pay tax.

You might not pay tax on your bets but the profits the gambling companies make certainly aren't tax free, though.

Mehek

full member

Activity: 154

Merit: 100

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

i will suggest gambline is just a waste of time play it just for fun not for earning..no martangle and any other stratagy will work

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Does government ownership of gambling make it more legitimate?

Do free, independent-minded people believe so? No
Government ownership/heavy taxation/regulation of gambling does make it more legitimate in the eyes of the police and other Gov't agencies. If you break too many laws, then someday you might pay the price.

noobtrader

legendary

Activity: 1456

Merit: 1000

i think online gambling is still has room to grow, there is huge amount of money can be generated because gambling is illegal in many country. and most ppl have to go overseas to gamble.

bryant.coleman

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Activity: 3766

Merit: 1217

Quote from: ashour on April 13, 2015, 03:06:22 PM

I agree, bitcoin gambling services should be more regulated and taxed. It's not bad enough that many gambling sites ruin lives but they probably don't even pay taxes or worse they don't have a license to run gambling business. More laws and regulations should be made to control the online gambling to make it safe and better.

Why should they pay taxes huh?

So that rich and greedy politicians get even more rich and greedy? There should be no taxes on gambling. It is a one-to-one business.

Kaneki

sr. member

Activity: 252

Merit: 250

I think online gambling is not a bad idea, as long as the rules are fair and do not end scam.

Ingatqhvq

hero member

Activity: 532

Merit: 500

Online Gambling is the main application of bitcoin at present, bitcoin is perfect for online gambling.

Ron~Popeil

sr. member

Activity: 406

Merit: 250

Quote from: ashour on April 13, 2015, 03:06:22 PM

Quote from: Amph on April 13, 2015, 02:43:30 PM

i think that online gambling should be regulated in some way, now with bitcoin, people feel even more secure to gambling(it sound like an oxymoron) but really it is the true, maybe put a limit on the bet or something?

because many of them can't stop playing until they lose all(and i know how they feel fortunately i have good selfcontrol), and with bitcoin i find that it is even worse then regular fiat, because they can play with more anonimity

I agree, bitcoin gambling services should be more regulated and taxed. It's not bad enough that many gambling sites ruin lives but they probably don't even pay taxes or worse they don't have a license to run gambling business. More laws and regulations should be made to control the online gambling to make it safe and better.

Gambling sites are regulated quite well. The ones that act unethically or make bad decisions tend to go away very quickly. It is called the market and it works better than any regulatory framework ever could.

Licensing and taxation are pretty much one and the same. Casino owners are subject to tax liabilities in their home jurisdiction. It is their business whether they pay their taxes or not.

TippingPoint

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Regulated gambling in many jurisdictions is an over-raked, over-taxed monopoly. For example, most U.S. states have a lottery that rakes (takes away from the potential winnings of the recipients) about 40%
http://www.ncsl.org/research/financial-services-and-commerce/lottery-payouts-and-state-revenue-2010.aspx

That is huge. And then the winner gets to pay income tax if he wins.

Contrast that with the rake of internet poker sites that can be 2.5% (and even lower for some games), and zero if the hand does not make it to the flop.

In my opinion, it is only competition from the internet gaming sites (and internet poker in particular) that prevents states from taking an even higher percentage.

And internet gambling is helping to provide needed Bitcoin capitalization and liquidity until Bitcoin becomes more popular for other uses.

Gyfts

legendary

Activity: 2828

Merit: 1515

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

I believe the US requires Bitcoin to be taxed as an "income" so it's a bit of a grey area if Bitcoin gambling sites are allowed at all. If allowed, any and all sites with a legitimate provably fair gambling system would be in my book as fair. If someone has a gambling problem, that is no one's fault but their own and should be handled by themselves.

Hazir

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Merit: 1005

★Nitrogensports.eu★

Quote from: pawel7777 on April 13, 2015, 04:13:13 PM

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. ...

You should seriously reconsider that idea.
Bitcoin gambling market seems to be already saturated and P2P is particularly the hardest one to start. Not to mention that there already are P2P betting sites (bitbet.us, peerbet.org and probably few other).

Quote from: OpenOcean on April 13, 2015, 02:34:08 PM

...
Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate?

No. If anything it can be the other way around. If gambling is made illegal with exception of government owned entities, then such gambling operators are in monopoly position and don't really have to care about providing fair odds, transparency etc, and are likely protected from any type of control.

I remember heavy rumors, a few years back, about Lotto results being manipulated in Italy and also in Poland (iirc).

While it is true that we have a lot of services and casinos which let us play online. But I don't think that market is saturated at this point. I think there is plenty of room for new ideas and awesome sites. With good dose of marketing backed by really good service your website will be skyrocketing in no time. I don't trust anybody until I see proofs of bets being fair that means government's casinos are no exception here, and if government will ensure that private casinos will be illegal I would definitely won't support government's casino but instead will be using unblocked online service.

RocketSingh

legendary

Activity: 1662

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I think rather than Govt, Jurisdiction etc. u need to focus on game features. Tell us what Open Ocean can offer over BitDice.me ? As someone else pointed out, gambling is a pretty saturated place now with already established players. Bringing in regulation is not a nice feature in my opinion.

hikedoon

full member

Activity: 143

Merit: 100

Gambling is tax-free in the UK.
A few years ago the UK government got rid of taxes for betting in real life bookies because they couldn't compete with tax-free online gambling sites based in Gibraltar and Jersey. IIRC.
Also,I just lost £20 on the Grand National on Saturday and i didn't pay tax.

hilariousetc

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Activity: 2968

Merit: 3061

Join the world-leading crypto sportsbook NOW!

Gambling is a huge industry and bitcoin is currently untapped by the mainstream sites. They could actually save a lot of money by accepting or paying out in coins over PayPal and other such money transmitters. As for creating your own site if you can come up with something unique go for it but the market is pretty saturated with run of the mill dice sites and basic casinos at the moment so don't just do another one of them.

Topic: Your opinions on Online Gambling and Bitcoin - page 4. (Read 4140 times)